Stamp Duty Land Tax Act 2015

2 (1) Section 74 (exercise of collective rights by tenants of flats) is amended as follows. U.K.

(2) In subsection (1A)—

(a) in the opening words, for “rate” substitute “ amount ”,

(b) in Step 2—

(i) for “rate of tax and the” substitute “ amount of ”, and

(ii) for “subsections (2) and (3)” substitute “ subsection (1B) ”,

(c) in Step 3—

(i) for “rate of tax and the” substitute “ amount of ”, and

(ii) for “subsections (2) and (3)” substitute “ subsection (1B) ”, and

(d) in Step 4 for “subsections (2) and (3) do” substitute “ subsection (1B) does ”.

(3) For subsections (2) and (3) substitute—

“(1B) Where step 2 or 3 of subsection (1A) requires the amount of tax chargeable to be determined in accordance with this subsection, it is determined as follows.

• Step 1 Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration calculated under step 1 of subsection (1A).

• Step 2 Multiply the amount determined at step 1 by the number of qualifying flats contained in the premises.”